According to the most recent Cardano Blockchain Insights data, the number of ADA wallets on the Cardano Blockchain has increased by over 70,000 in the previous 30 days. This meant that, on average, 2,000 wallets had been set up on the Cardano Network in the last 30 days.
The falling price of tokens caused the consistent increases in the number of wallets which are holding the token. The reason behind this process is one of the most difficult things to explain in the cryptocurrency market.
The price of an ADA token has dropped significantly in the previous 30 days. The token, which was trading at $0.5245 at the time of writing, has lost more than 40% of its value in the 30-day timeframe.
Despite a continuous increase in the number of wallets holding the token, the devastation that has afflicted the cryptocurrency market over the previous several months has made it very impossible for ADA to show any price rise.
During the same time period, the token’s market capitalization plunged even more. ADA’s market capitalization fell by 43 percent in 30 days, to $17.24 billion at the time of publication, from more than $30 billion.
